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Washington, the modern-day Rome, is on the brink of bankruptcy. Stocks are falling, leading currencies are losing their worth, and investors across markets are cutting their positions before August 2 when the world will come to know whether the US can borrow more. If it can’t, a default stares in the face of the largest economy that suddenly looks like a ponzi scheme — something dollar-sceptics have been predicting for a decade. But since a lot is at stake the big hope is that US lawmakers will somehow find a away to avert a default by the US.
